Have you read Satoshi's paper? If you had you would understand how this is unworkable.
For a decentralized currency to work the network must be very large. The large network has huge costs those costs must be eventually paid for w/ fees. For example the current Bitcoin network is you assume an average electricity rate of $0.10 and 3 year ammortization of hardware costs in the ballpark of $10M a year to run. Now those costs MUST be paid either through fees or though subsidies. That is what a block reward is a subsidy.
So network costs $10M a year to run.
It could be paid for by:
$0M in fees & $10M in subsidies.
$2M in fees & $8M in subsidies.
$10M in fees & $0M in subsidies.
Eventually Bitcoin will have no more subsidies and hopefully transaction volume will be high enough to support the network solely on fees. Ultimately any network will reach equilibrium w/ fees & subsidies paid to miners.
With no subsidies then your network will need to be supported totally by fees. So in the early days when transaction volume is say $100 USD equivelent per day if fee was 0.1% then all the miners globally would be working for 10 cents. Yup the entire network would need to have an operating cost of 10 cents. So likely your entire network is 1 CPU. It can be double spent by a single attacker w/ 2 CPUs. Now your miners could generate more revenue by setting very high fees like 30% but why would someone pay a 30% fee when Paypal "only" charges 5% and Bitcoin <0.1%?
The huge amount of hashing power required to protect a network from 51% attack has a REAL COST. That cost must be paid for one way or another. It either must be paid for in subsidies or fees. Relying on fees creates a chicken & egg scenario. To have a large network you need a lot of fees but you aren't going to get a lot of fees without a large network. The block subsidies bridge that gap, removing them makes your proposal dead before it begins.
Before you start saying things like "Bitcoin has a fatal flaw" don't you think you owe Satoshi enough respect to actually read his paper from beginning to end. He clearly outlines why block subsidies are necessary.
Topic: GoldCoins (GC) Idea promotion - page 2. (Read 2762 times)
The above just got completely redesigned.
GoldCoin is meant to be a friendly trading currency. The idea of all of this, is meant to have a virtual currency, online that is decentralized. And more importantly one that retains its value.
Look at SolidCoin, sure it throws out 5 per block, but the coin will keep devaluing as long as its being pumped (Includes all other alt currencies). A set amount of GC will prevent devaluing and keeping GoldCoin's value. Hence it got it's name GoldCoin.
GoldCoin is meant to be a friendly trading currency. The idea of all of this, is meant to have a virtual currency, online that is decentralized. And more importantly one that retains its value.
Look at SolidCoin, sure it throws out 5 per block, but the coin will keep devaluing as long as its being pumped (Includes all other alt currencies). A set amount of GC will prevent devaluing and keeping GoldCoin's value. Hence it got it's name GoldCoin.
That's a interesting idea. I could be the first spark of the plug. I first start with 100K, I put amounts up.
Spread it to others, and people that got mine distribute to others, etc. And miners get the transaction fees traded between people.
Eventually it would be equally spread out, and this actually eliminates the supply increase, keeping GoldCoins their full value.
Spread it to others, and people that got mine distribute to others, etc. And miners get the transaction fees traded between people.
Eventually it would be equally spread out, and this actually eliminates the supply increase, keeping GoldCoins their full value.
Instead of you getting a percentage how about have all 100k coins mined in the generation block. They're owned by you. An exchange is available immediately in some form whereby you place orders for those coins for whatever value you perceive them to have. They are therefore available by people willing to to buy them (with bitcoins, i0coind, or whatever). Your reward is this initial income, which is likely to start off low since no one is likely to want them until someone starts using them but could get bigger. It depends how much you ask for in the initial sales.
Mining is done as normal for transactions and miners get a transaction fee which they can set to whatever they want. A chance to experiment to see what will happen when bitcoin has all its coins mined.
Mining is done as normal for transactions and miners get a transaction fee which they can set to whatever they want. A chance to experiment to see what will happen when bitcoin has all its coins mined.
Goldcoins{A coin whose goal is to distribute out fast, have only 100K exist, and only mine off other transaction; thus preventing deflation. A currency whose remains mostly of trading. BTC and other alt currency devalues because of this problem, supply to demand ratio remains the same. Also coins will be lost over time; lost of wallets, etc. which will cause the existence to drop, thus causing valuation on goldcoins as time goes on}
Alt-Currencies Value
Goldcoin Supply-Demand ratio Value
Hence it got its name as Goldcoin
Goldcoins
-------------
1) Set existing limit of 100K(Prevents Huge supplies and lowering of price if demand remains same)
2) Once fully distributed out, miners then mine off others transactions
3) Set block rate of 100
4) Difficulty adjustment of per 2 hours
5) Difficulty adjustments increase a maximum of 10% per 2 hours; and 80% drop is max
This above difficulty adjustments will help to spread it to the rest
6) Difficulty drops of 10% is maximum( Helps to not have few people get such large amounts, rather helps to distribute more evenly)
7) Early miners will be setting the price, like 5K for 0.1btc could be a starting price; and then 10 different people
may buy 500 each, and those may spread 500 into another 10 people, etc. (This will help to spread it to everyone; and anyone can buy it,
so if mining stops, there is always some on the market to grab, and this will be a trading currency. Aimed at the goal of having no supply increases, but keeping 100K existing forever, and no more. Alt-currencies flaw is a continuing supply increase amount for years to come; resulting in inflation, and devaluation of currency. Goldcoin helps to spread in a quick time, and eliminate flaws.)
Natural trading through markets, will eventually spread it to the rest,
and a scarce amount of 100K, and a unique design, should make many
interested in this concept. No Centralization planed like solidcoin.
Meant to fully support the idea of it.
If someone truly spend the time this thing could be promoted.
And If a large amount of people lets say millions if achieved one day
wanted this, we could always deal with MGC, milliGoldcoins.
1 MGC= 0.0001 GC
Set up
----------
1) Make logos (Gold->Stable->Value)
2) Make Graphs pointing Bitcoin price crash to increasing supply
3) Promotion of client, logos, its own site. (Example: www.goldcoins.org)
4) Spread the word
I originally thought of this idea, you may use it at your wish if a donation on every client is placed towards the creator of this idea.
Second option;
Goldcoins
-------------
1) Each downloading of the client starts you with 1000 Goldcoins (One Per IP address)
2) When 100K is fully distributed, it will become a trading currency
3) It will always only be a mining of transactions
4) Goldcoins over time will be lost, and this should cause a overtime of increase in value.
Third Option;
Goldcoins
-------------
1) Set existing limit of 100K(Prevents Huge supplies and lowering of price if demand remains same)
2) I will distribute it out(Setting price)
3) I will be the fist spark, then Early traders will be setting the price, like 5K for 0.1btc could be a starting price; and then 10 different people
may buy 500 each, and those may spread 500 into another 10 people, etc. (This will help to spread it to everyone; and anyone can buy it,
there is always some on the market to grab, and this will be a trading currency. Aimed at the goal of having no supply increases, but keeping 100K existing forever, and no more. Alt-currencies flaw is a continuing supply increase amount for years to come; resulting in inflation, and devaluation of currency. Goldcoin helps to spread in a quick time, and eliminate flaws.)
4) Miners mine off transactions per trade
Natural trading through markets, will eventually spread it to the rest,
and a scarce amount of 100K, and a unique design, should make many
interested in this concept. No Centralization planed like solidcoin.
Meant to fully support the idea of it.
If someone truly spend the time this thing could be promoted.
And If a large amount of people lets say millions if achieved one day
wanted this, we could always deal with MGC, milliGoldcoins.
1 MGC= 0.0001 GC
Set up
----------
1) Make logos (Gold->Stable->Value)
2) Make Graphs pointing Bitcoin price crash to increasing supply
3) Promotion of client, logos, its own site. (Example: www.goldcoins.org)
4) Spread the word
I originally thought of this idea, you may use it at your wish if a donation on every client is placed towards the creator of this idea.
Alt-Currencies Value
Goldcoin Supply-Demand ratio Value
Hence it got its name as Goldcoin
Goldcoins
-------------
1) Set existing limit of 100K(Prevents Huge supplies and lowering of price if demand remains same)
2) Once fully distributed out, miners then mine off others transactions
3) Set block rate of 100
4) Difficulty adjustment of per 2 hours
5) Difficulty adjustments increase a maximum of 10% per 2 hours; and 80% drop is max
This above difficulty adjustments will help to spread it to the rest
6) Difficulty drops of 10% is maximum( Helps to not have few people get such large amounts, rather helps to distribute more evenly)
7) Early miners will be setting the price, like 5K for 0.1btc could be a starting price; and then 10 different people
may buy 500 each, and those may spread 500 into another 10 people, etc. (This will help to spread it to everyone; and anyone can buy it,
so if mining stops, there is always some on the market to grab, and this will be a trading currency. Aimed at the goal of having no supply increases, but keeping 100K existing forever, and no more. Alt-currencies flaw is a continuing supply increase amount for years to come; resulting in inflation, and devaluation of currency. Goldcoin helps to spread in a quick time, and eliminate flaws.)
Natural trading through markets, will eventually spread it to the rest,
and a scarce amount of 100K, and a unique design, should make many
interested in this concept. No Centralization planed like solidcoin.
Meant to fully support the idea of it.
If someone truly spend the time this thing could be promoted.
And If a large amount of people lets say millions if achieved one day
wanted this, we could always deal with MGC, milliGoldcoins.
1 MGC= 0.0001 GC
Set up
----------
1) Make logos (Gold->Stable->Value)
2) Make Graphs pointing Bitcoin price crash to increasing supply
3) Promotion of client, logos, its own site. (Example: www.goldcoins.org)
4) Spread the word
I originally thought of this idea, you may use it at your wish if a donation on every client is placed towards the creator of this idea.
Second option;
Goldcoins
-------------
1) Each downloading of the client starts you with 1000 Goldcoins (One Per IP address)
2) When 100K is fully distributed, it will become a trading currency
3) It will always only be a mining of transactions
4) Goldcoins over time will be lost, and this should cause a overtime of increase in value.
Third Option;
Goldcoins
-------------
1) Set existing limit of 100K(Prevents Huge supplies and lowering of price if demand remains same)
2) I will distribute it out(Setting price)
3) I will be the fist spark, then Early traders will be setting the price, like 5K for 0.1btc could be a starting price; and then 10 different people
may buy 500 each, and those may spread 500 into another 10 people, etc. (This will help to spread it to everyone; and anyone can buy it,
there is always some on the market to grab, and this will be a trading currency. Aimed at the goal of having no supply increases, but keeping 100K existing forever, and no more. Alt-currencies flaw is a continuing supply increase amount for years to come; resulting in inflation, and devaluation of currency. Goldcoin helps to spread in a quick time, and eliminate flaws.)
4) Miners mine off transactions per trade
Natural trading through markets, will eventually spread it to the rest,
and a scarce amount of 100K, and a unique design, should make many
interested in this concept. No Centralization planed like solidcoin.
Meant to fully support the idea of it.
If someone truly spend the time this thing could be promoted.
And If a large amount of people lets say millions if achieved one day
wanted this, we could always deal with MGC, milliGoldcoins.
1 MGC= 0.0001 GC
Set up
----------
1) Make logos (Gold->Stable->Value)
2) Make Graphs pointing Bitcoin price crash to increasing supply
3) Promotion of client, logos, its own site. (Example: www.goldcoins.org)
4) Spread the word
I originally thought of this idea, you may use it at your wish if a donation on every client is placed towards the creator of this idea.
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